United States GDP grew slightly more than initially expected in the first quarter of 2016, and durable goods orders ticked up in April, according to the most recent data from the Department of Commerce.
Meanwhile, the struggling South Korean ocean carrier said in a statement Sunday it expects to reach an agreement with ship owners regarding charter rate renegotiations “soon.”
The French ocean carrier reported it will pay 1.3 Singapore dollars (U.S. $0.94) for the Neptune Orient Line shares it does not already own, control or has agreed to acquire.
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Ocean carriers CMA CGM, COSCO, Evergreen Line and OOCL revealed they will form a new alliance next April.
Ship owners on Wednesday broke off rate negotiations with struggling South Korean shipping conglomerate Hyundai Merchant Marine without reaching an agreement, according to multiple reports from Korean media outlets.
A sense of what the container shipping industry may look like a year from now has started to emerge as ocean carriers seek to avoid a financial wreck from overcapacity and low freight rates.